Kashable, a pioneering FinTech company based in New York City, has successfully concluded a significant Series B funding round, securing $25.6m.
The investment round was co-led by Revolution Ventures and Moneta Ventures, with additional funds coming from EJF Capital and Krillion Ventures.
Specialising in socially responsible credit and financial wellness solutions, Kashable offers a unique service as an employer-sponsored voluntary benefit. The platform is acclaimed for its innovative approach to providing affordable credit and essential financial education to employees, thereby enhancing their financial stability and wellbeing.
The newly acquired funds are earmarked for several strategic initiatives. Kashable intends to utilise the investment to fuel its rapid expansion and accelerate the development of new financial wellness services. Furthermore, the capital will bolster the company’s ability to offer affordable credit to a broader spectrum of employees. Investing in research and development is also on the agenda, with plans to enhance Kashable’s sophisticated underwriting model and expand its suite of financial products.
Kashable’s platform is distinguished by its comprehensive approach to addressing employee needs while simultaneously serving as a potent retention tool for employers. The company boasts of providing access to low-cost loans to over 2.5 million employees, with many using these funds to consolidate existing debt, thereby benefiting from lower APRs and reasonable loan amounts averaging between $3,500 and $4,000. Kashable’s innovative underwriting model is a game-changer, leveraging real-time employment data, income stability, and other critical factors to offer fully automated credit decisions.
Moreover, Kashable is not just a credit provider but a holistic financial wellness facilitator. The company places significant emphasis on financial education, offering a wealth of resources including credit monitoring, individual financial coaching, and budgeting tools. Since its inception in 2013, Kashable has profoundly impacted the financial lives of countless individuals through partnerships with over 250 employers, including notable names like Cigna and Alight Solutions.
The co-CEOs of Kashable, Einat Steklov and Rishi Kumar, collectively articulated the company’s mission and vision. Kumar said, “We’re committed to scaling the product offering and creating a path for more employees to gain access to responsible credit in ways that have not been historically available to working Americans. Our unique underwriting model is holistic, considering a number of factors to increase accessibility. Kashable loans are purpose built to drive employee engagement and to deliver comprehensive financial wellness solution.”
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